Series 63 practice questioneasySecurities Exempt from State Registration
Which of the following securities is most likely exempt from state registration, regardless of federal status?
- AA U.S. Treasury bond✓ Correct answer
- BA non-listed REIT share
- CA Regulation D private placement
- DA stock sold through a crowdfunding platform
Explanation
Why A — A U.S. Treasury bond
U.S. government securities (like Treasury bonds) are exempt from state registration under USA Section 402(a)(1). REITs, private placements, and crowdfunding offerings may still be subject to state rules if not federally covered.
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